Late 2007 has seen many indexes report a rise in rental demand, especially in London, as first-time buyers have found themselves priced out of purchasing in their desired areas, while rumours of an impending housing crash have now coupled themselves with tighter lending criteria.

Simon Rubinsohn, RICS chief economist, said: "It is clear that the credit crunch is hurting the housing market. Lenders are becoming more selective in whom they are willing to advance funding to.

"An early easing in the liquidity squeeze seems improbable despite recent action from the Bank of England. As a result, we expect that some would-be-buyers will struggle to get the necessary finance."

He added, however, that Londoners and others in expensive housing areas would not be confined to renting forever, claiming that the minutes from December's Bank of EnglandMonetary Policy Committee meeting suggested a willingness to cut base rates in the first half of 2008.

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